FinCEN to extend BOI reporting deadline, halts enforcement and fines

The Financial Crimes Enforcement Network (FinCEN) will extend the current March 21 beneficial ownership information (BOI) reporting deadline, has suspended BOI enforcement and fines and will develop new regulations it says will reduce "regulatory burden," the agency said on Feb. 27.  

FinCEN announced that “it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed.” 

The interim final rule, that will extend BOI reporting deadlines, will be issued by March 21, 2025. The announcement continues to state that FinCEN is committed to reducing regulatory burdens on businesses while balancing national security risks. For more information, click here.  

This is good news for now with more information to come soon from FinCEN. In the meantime, check out FinCEN’s full announcement here. FinCEN also has been providing updated alerts: https://fincen.gov/boi. 

As a reminder, Congress passed H.R. 736 by a vote of 408-0 on Feb. 10. This bill, called the Protect Small Businesses from Excessive Paperwork Act of 2025, would delay BOI reporting until Jan. 1, 2026. The bill has been referred to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Chair Tim Scott (R-SC) has introduced his own version of the legislation, S.505.  

There is likely not enough support in the Senate for the bill to move through the unanimous consent expedited process, but there is hope that it will be attached to a must-pass vehicle soon.  The Ohio Society has activated our “Take Action” page so members can reach out to Ohio’s U.S. Senators Jon Husted and Bernie Moreno and urge passage of this legislation.   

Please take action: https://ohiocpa.com/advocacy/Take_Action#/